Standard Chartered to be listed on bourses

Posted on 01.09.07 by StockPK Team @ 12:14 pm    

Badar Kazmi, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, said on Monday that three bourses of the country have cleared listing application of the new banking entity and consent of Securities and Exchange Commission of Pakistan (SECP) will be obtained in coming weeks.

Addressing a press conference after unveiling re-branded branch at Khayaban-Hafiz, he said that after the listing, the present shareholding pattern will continue. He said the bank is in the process of preparing new liability products, which will offer new investment opportunities to deposit holders besides meeting the instructions of the central bank to the banks to offer such products having more rates of profit.

He said both asset-wise and profit-wise, following the successful completion of its legal amalgamation with Union Bank on 30th December 2006, Standard Chartered Bank has become the fifth largest bank in Pakistan, doubling its market share.

The legal entity, which will be called Standard Chartered Bank (Pakistan) Limited, is incorporated as subsidiary of Standard Chartered Plc. After re-branding of 65 Union Bank branches, Standard Chartered now has 115 branches in 22 major cities of Pakistan.

He said the new entity has signed Memorandum of Understanding with a Karachi-based NGO - Citizen - to provide financial relief to 600 students having lower income levels of their parents. He said the same service will be extended to Lahore-based students after signing another MoU with the NGO there.

He said the new bank not only maintained the previous workforce but it would extend them the latest training facilities by inviting foreign trainers. Mike DeNoma, Group Executive Director of Standard Chartered Bank, said economic potential of Pakistan in comparison to India and China was mis-reported and mis-understood in the West during the last decade but now he said every Western investor is looking for ways and means to explore new investment avenues in Pakistan.

He said, now almost all leading Western investors are saying, “Why not (investment) in Pakistan.” We have been investing in this part of world for over 100 years and will continue to do banking and investment business for another 100 years.”

He said by utilising worldwide experience the bank intends to start new financing products including SME financing. He said the bank has planned to double its number of branches in Pakistan from present 115 to 250 in next 50 years.

Source: The News